All FICPA News

Technology & Productivity Weekly - May 25, 2012

Thu, 24 May 2012 18:30:01 GMT

This Week's Headlines Four Cloud Storage Options for SMBs Bridging the Gap Between Technology & Firm Strategy The Mobile Trend: 10 Things to Know 5-Step IaaS Migration Plan Best iPad Accessories for Entrepreneurs With Google Drive Announced, What...

FICPA Office Closed in Observance of Memorial Day

Fri, 25 May 2012 11:58:57 GMT

The FICPA office will be closed on Monday, May 28, 2012, in honor of Memorial Day. Our office will reopen for normal business hours on Tuesday, May 29 (8 a.m.-5 p.m.). On this day, join us in remembrance of those brave service men and women, and...

Florida Outperforms As Hurricane Forecast Improves: Muni Credit

Thu, 24 May 2012 16:04:11 GMT

With the Atlantic hurricane season days away, bonds of Florida’s largest real-estate insurer are rallying the most in nine months as forecasters assess a below- average chance the state will be hit by a major storm. Buyers are demanding...

International Appeal Fueling Miami Recovery

Thu, 24 May 2012 16:05:54 GMT

While the situation in Europe bears watching, economists and business leaders say Miami's international appeal should continue to aid its recovery. "Miami-Dade's economy is starting to pick up because of the global component," said J. Antonio...

Tourism Officials Focus Marketing Efforts Overseas to Attract Visitors On New Flights to Zurich

Thu, 24 May 2012 16:07:17 GMT

As Tampa International Airport celebrates its first new European service in 15 years, tourism officials here are working hard to make the flights a big a deal over there. That's because they expect most of the passengers on the twice weekly...

Measure Of Florida's Economy Creeps Up

Thu, 24 May 2012 16:11:06 GMT

Another benchmark in the continuing where-are-we-in-this-recovery question: Comerica Bank's Florida Economic Activity Index rose four points to a level of 109.5 for March, 36 percent off the bottom of the Great Recession. The March reading was...

Consultants Recommend No Increase In Lake Worth Water, Sewer Rates

Thu, 24 May 2012 15:53:57 GMT

Consultants with Burton & Associates are recommending no increase in water and sewer rates for Lake Worth Utilities customers during the budget year that begins Oct. 1. City commissioners are scheduled to discuss the consultants' water and sewer...

Florida Outperforms As Hurricane Forecast Improves: Muni Credit

Thu, 24 May 2012 15:39:59 GMT

Longtime Norman Aide, Kelly Will Plead Guilty Of Tax Evasion

Tue, 22 May 2012 20:12:43 GMT

Following a February indictment on five counts of failing to file tax returns, Benjamin Kelly, former aide to state Sen. Jim Norman, plans to plead guilty to one count, according to the Tampa Tribune. Four of the counts were dropped under the...

Florida Charter Schools Must Meet State Standards

Tue, 22 May 2012 20:26:23 GMT

Healthy debate about educational priorities is vital; however, misconceptions about charter schools overlook the extensive regulations (federal, state and local) requiring rigorous accountability and oversight. Charter schools are public schools...

So How Does Your Smartphone’s Accelerometer Know Up From Down?

Tue, 22 May 2012 18:36:26 GMT

You probably take for granted the fact that turning your phone on its side automatically puts the display into landscape mode. But do you really know how the tiny accelerometer inside your device can detect those changes in orientation? After...

Hojoki Combines Services Like Dropbox, Evernote, Google Apps, and More Into a Single Feed

Tue, 22 May 2012 18:37:38 GMT

We discuss a number of web services designed to keep you productive, but when you have a half-dozen different web and storage apps to keep track of they can take more time than they save. That's where Hojoki comes in. The service connects to all...

Sidecar Reimagines The Humble Phone Call

Tue, 22 May 2012 18:38:27 GMT

The quick rise of smartphones over the last few years definitely changed the way we use our mobile phones, but one aspect that never changed much – and maybe even took a step backwards – is the humble phone call. Sidecar, which is...

Miami’s Financial Records for 2011 Get Thumbs Up from Outside Auditor

Thu, 24 May 2012 16:03:08 GMT

Nearly two months after missing the deadline, Miami on Tuesday published the city’s annual financial report. Ernst & Young, an outside auditing firm, gave an “unqualified” opinion on the accuracy of the city’s records for...

Women, Children and the Challenges Debt Presents

Thu, 24 May 2012 15:38:25 GMT

Women and men alike are dealing with financial stress, threats of home foreclosure, medical debt and loss of income from layoffs or divorce. Contributing to the collective financial stress on Americans is the need for extra help dealing with...

Lack Of Rules On Boynton Beach Expense Accounts Questioned

Thu, 24 May 2012 15:55:12 GMT

After Bill Orlove was elected commissioner in March 2010, he began collecting an expense allowance, now at $593 a month. Under city rules, he doesn't have to account for it, and he doesn't have to give back any unspent money. His colleagues...

Miami’s Financial Records for 2011 Get Thumbs Up from Outside Auditor

Thu, 24 May 2012 15:50:09 GMT

Nearly two months after missing the deadline, Miami on Tuesday published the city's annual financial report. Ernst & Young, an outside auditing firm, gave an “unqualified” opinion on the accuracy of the city’s records for...

Closing The Deal; It’s Not Always Easy

Thu, 24 May 2012 15:52:18 GMT

Michelle Wolfe of Halo Branded Solutions has good business relationships and can easily set up a meeting with South Florida hotel executives or attorneys to talk about her 300,000 promotional products. But when it comes time to closing the deal,...

Should You Raid a Retirement Account to Pay for Education Expenses?

Thu, 24 May 2012 15:34:26 GMT

With all the news about rising student loan debt and disappointing investment returns, this may be a question on your mind if you have tuition bills coming up, whether for you or one of your children. I know it’s a question I’ve...

Port Canaveral Can Fare Better, CEO Says

Wed, 23 May 2012 13:06:44 GMT

Port Canaveral is among the strongest parts of the local economy these days. But Canaveral Port Authority Chief Executive Officer Stan Payne said, although things are “pretty darn good” at the port, he is not going to rest on his...

Pinellas County Warms Up Bulldozers for Major Code Violators

Wed, 23 May 2012 13:07:44 GMT

Pinellas County is becoming tougher with owners who refuse to keep their property in good repair. Pinellas officials will tear down three structures and take ownership of a Clearwater home if county commissioners give their okay. The proposals...

Women, Children And The Challenges Debt Presents

Thu, 24 May 2012 14:00:49 GMT

HART Suggests Using Sales Tax to Pay for Expansion

Wed, 23 May 2012 13:09:52 GMT

Hillsborough transit planners have proposed a fare increase and service cuts to make up a budget deficit during the next five years. But looking ahead, HART leaders are now considering expansion of the system to keep pace with a growing number...

Five Ways Fort Lauderdale Could Spend the $14 Million It Found Lying Around

Wed, 23 May 2012 13:10:45 GMT

The Fort Lauderdale city commissioners must be patting themselves on the back right now for hiring Lee Feldman as city manager: Turns out he's a master at rooting around the couch cushions of city budgets for money that's gone missing. Bucking...

Property Tax Rates Hinge On Values

Wed, 23 May 2012 12:57:24 GMT

Will your property taxes be going up or down next fiscal year? It may depend on where you live and the area's taxable property values. While Avon Park City Manager Julian Deleon believes the property tax rate there can be lowered, Lake Placid...

HART Suggests Using Sales Tax to Pay for Expansion

Wed, 23 May 2012 12:59:51 GMT

Doug Guetzloe Sentenced to 15 Months In Prison

Tue, 22 May 2012 20:13:45 GMT

Orlando political consultant and radio talk show host, Doug Guetzloe has been sentenced to 15 months in prison for willfully failng to file tx returns, according to news reports. Guetzloe, 57, was found guilty by an Orange County jury in...

Former Tamarac Theater Operator Charged With Theft Of State Taxes

Tue, 22 May 2012 20:14:56 GMT

The Florida Department of Revenue charged the former operator of a Tamarac movie theater with theft of state funds after it says he collected more than $17,000 in sales taxes from patrons but failed to pay the government. The state said Monday...

Man Sentenced In Scheme Linking Tax Fraud, Drug Sales

Tue, 22 May 2012 20:16:36 GMT

A man who used fraudulently obtained U.S. Treasury checks to buy a kilo of cocaine was sentenced today to 12 years in federal prison. Patrick Shaw, 32, pleaded guilty to a drug conspiracy charge and was given credit at his sentencing hearing for...

Florida: A 21st Century State With a 20th Century Tax System

Tue, 22 May 2012 20:23:47 GMT

Amid a fourth straight year of budget shortfalls, signs of fraying in Florida's tax system abound. Money for each of Florida's 2.7 million public school students this fall will be at its second-lowest level in eight years. Only last year was...

Florida Universities Rank High In Presidential Pay

Tue, 22 May 2012 20:24:58 GMT

Florida's universities trail the nation when it comes to state funding and academic rankings, but they do score high in one area: pay for their top leaders. The median pay for presidents of the eight research universities in Florida was $510,000...

Few Small Businesses Claim Health Insurance Tax Credit

Tue, 22 May 2012 18:28:39 GMT

Far fewer small employers claimed the health insurance tax credit for small businesses in the health care reform law than were eligible, according to a new government report. The Small Employer Health Insurance Tax Credit was included in the...

Final Regs. Issued On Health Insurance Premium Tax Credits

Tue, 22 May 2012 18:31:20 GMT

The IRS issued final regulations governing the Sec. 36B health insurance premium tax credit enacted by 2010’s health care legislation (T.D. 9590). They are scheduled to be published in the Federal Register on May 23. The final regulations...

Kids And Money: A Primer On Tax Deductions

Tue, 22 May 2012 18:32:48 GMT

You didn't tell me how MUCH they would take out in taxes. Expect to hear those words from your exasperated teenager or college student over the next few weeks as they set aside their calculators and toss their textbooks to start summer...

IRS Widens Taxpayer Debt Forgiveness Program

Tue, 22 May 2012 18:01:56 GMT

More middle-class Americans will be able to work out their debts to the U.S. Internal Revenue Service because of changes in a tax payment forgiveness program, the agency announced on Monday. The "Offer in Compromise" program lets taxpayers...

FAF Examines Effectiveness Of Business Segments Standard

Tue, 22 May 2012 18:02:55 GMT

The Financial Accounting Foundation is looking for accountants who are interested in participating in a post-implementation review of how well an accounting standard for reportable operating segments has worked. The FAF, which oversees the...

FAF Trustees Expected to Rule On Private Company Reporting Standards

Tue, 22 May 2012 18:06:58 GMT

The much-debated future of private company financial reporting is expected to be decided this week. Proponents of differential financial reporting standards for private companies—and advocates of uniform reporting rules—will turn...

Long-Awaited Private Company Decision Expected Wednesday

Tue, 22 May 2012 18:08:05 GMT

After receiving more than 7,300 comment letters and participating in four roundtable discussions, the Financial Accounting Foundation (FAF) appears prepared to decide on one of the most pressing U.S. financial reporting issues. During the open...

IRS Makes Offer In Compromise Program More Flexible

Tue, 22 May 2012 18:09:35 GMT

The Internal Revenue Service is offering more flexible terms in its Offer in Compromise program to help financially distressed taxpayers clear up their tax problems more quickly. Under certain circumstances, taxpayers will be able to repay their...

IRS Provides Automated Tax Data Input for FAFSA Form

Tue, 22 May 2012 18:10:46 GMT

Students completing the Free Application for Federal Student Aid form can now skip the time consuming process of copying their tax data onto the form. Similar to scan-and-populate programs used by professional tax return preparers, the IRS Data...

FATCA Requirements a Work In Progress for IRS

Tue, 22 May 2012 18:11:40 GMT

The Internal Revenue Service has taken some initial steps to implement the Foreign Account Tax Compliance Act, but it still has a long way to go, according to a new government report. FATCA was included as part of the HIRE Act of 2010 as a way...

IRS Provides Automated Tax Data Input for FAFSA Form

Tue, 22 May 2012 18:12:53 GMT

Know Your Evacuation Zone This Hurricane Season

Tue, 22 May 2012 18:16:55 GMT

Sarasota emergency management officials encourage residents to know which evacuation zone they live in to be prepared for hurricane season.

An Interview Might Not Be The Only Test You Face During Your Job Search

Tue, 22 May 2012 18:18:27 GMT

You’ve applied to a few interesting jobs and even scored a couple of interviews. But then you find out the hiring process includes a test – and that’s when the panic really sets in. But it shouldn’t. In many cases,...

Long-Awaited Private Company Decision Expected Wednesday

Tue, 22 May 2012 17:53:56 GMT

Council Highlights: The AICPA's 125th Anniversary

Tue, 22 May 2012 17:57:39 GMT

The AICPA celebrated its 125th anniversary last week at its Spring Meeting of Council, and our reporters were on site to bring you the highlights, including: -- AICPA president and CEO Barry's Melancon's highly anticipated keynote speech. --...

A New Obstacle for Professional Women: The Glass Escalator

Thu, 24 May 2012 15:37:33 GMT

A new analysis by the New York Times today shows that more men are entering female-dominated professions like teaching and nursing, in an effort to achieve job stability, financial security and more time for family life. This employment shift has...

Eileen Ambrose: Identity Thieves Filing Fake Returns Using Data On Real Taxpayers

Tue, 22 May 2012 14:45:24 GMT

Here's another reason to file your tax returns as early as possible: an identity thief might beat you to the money. Identity thieves are filing fake federal returns using taxpayers' Social Security numbers and claiming tax refunds worth billions...

Earl Wood May Run If Former Mayor Crotty Enters Tax Collector Race

Wed, 23 May 2012 13:12:02 GMT

Former Orange County Mayor Rich Crotty has avoided answering whether he plans to run for Tax Collector in the fall, a race that’s generated a lot of interest since the incumbent Earl K. Wood said he would retire soon, after 48 years in...

Ax The Tax Political Consultant Guetzloe Gets 15 Months for Failing to Pay Taxes

Wed, 23 May 2012 13:13:34 GMT

An Orlando political consultant will spend 15 months locked up for cheating on his taxes. In all, authorities said Doug Guetzloe owes between $39,000 and $50,000 in back taxes to the Internal Revenue Service. His lawyer said Guetzloe has already...